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Showing content with the highest reputation on 09/12/2020 in all areas

  1. Until the return has been entered into the IRS computers it will not show up on the refund tracker. The IRS is soooo far behind in processing anything paper, it will still be a long time before refund comes. I don't know of any other way to check on it until someone starts processing it.
    1 point
  2. While the property fell victim to TCJA for carrying charges, any expenses in 2019 related to the sale can be added to basis.
    1 point
  3. That would be the case in tax years beginning after 2017 thanks to TCJA. Prior to that, expenses that are ordinary and necessary to maintain the investment property under section 212 can be capitalized through a section 266 election. I believe that would include insurance, utilities, lawn maintenance....etc. and since it was incurred for the management, conservation or maintenance of the investment property, it is a section 212 expense eligible for the 266 election. The basics of the 266 election in this case are to capitalize expenses that would otherwise be deductible to the partners as misc on Schedule A. Since the house was not held as a rental, the legal expenses are not deductible above the line.
    1 point
  4. Thanks for sharing the link. Note that carrying costs pertain to costs while the property is being developed or improved, not day-to-day grass mowing. It looks like only the taxes can be capitalized and nothing else in this case. This leads me to wonder how those costs were paid. Did the partnership also have a cash account? The attorney surely was paid (surely!), and that is a deductible expense in the year paid.
    1 point
  5. There are also online *schools* now. While there is no federal credit for online or private schools, for all I know there may be state provisions. So make sure it's home-school, not online private school. Homeschooling curricula don't cost anywhere near $6,000 (unless they've all seriously jacked up their prices all of a sudden). Demme Learning's math program is a couple hundred bucks for a full-year program. Analytical grammar is less than $150 for a year. Calvert's all-in-one plan is $400/year for 1 kid or $700 for three kids. So I wonder what they're spending $6K for.
    1 point
  6. I started with Parsons too ! And I also have been fairly happy with it. Too late now to start thinking of changing. I hoping for only 5 more years and then I can retire.
    1 point
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